Paypal & Tax - GoFuckYourself.com

m0rph3us · 10-22-2002, 10:10 PM

Does paypal report income to the IRS?

If I sell shit on ebay and get money for it via paypal and then pay other people from paypal, does it have to report it as income and expenses ?

Amputate Your Head · 10-22-2002, 10:12 PM

doesn't really matter.... if you transfer funds to your bank account, that's the bottom line right there. If you get audited, the tax man is gonna say, "gimme your bank statements..... "

and you better have a good excuse for those deposits if you didn't claim them.

m0rph3us · 10-22-2002, 10:14 PM

I don't do any depositing though. I just sell stuff and then use the $ earned to pay other people or buy other shit. Sometimes they bill my visa when I don't have enough to pay someone just in my paypal account.

Amputate Your Head · 10-22-2002, 10:16 PM

then no, I wouldn;t think you'd have anything to worry about. Paypal is not gonna 1099 you.

EscortBiz · 10-22-2002, 10:27 PM

hard to hide money

Amputate Your Head · 10-22-2002, 10:29 PM

Quote:

Originally posted by EscortBiz
hard to hide money

not really....

FlyingIguana · 10-22-2002, 10:36 PM

i hide it under my pillow

playa · 10-22-2002, 11:22 PM

The only thing they report is the amount of interest gained from that year

m0rph3us · 10-22-2002, 11:25 PM

Quote:

Originally posted by playa
The only thing they report is the amount of interest gained from that year

paypal pays you interest?

SleazyDream · 10-22-2002, 11:26 PM

real rocket surgens here - talking about hiding money on a public board.... yup - I think the IQ level of this place just went down a few points.

playa · 10-22-2002, 11:33 PM

Quote:

Originally posted by m0rph3us

paypal pays you interest?

ya mine says they pay 1.7%

m0rph3us · 10-22-2002, 11:43 PM

Quote:

Originally posted by SleazyDream
real rocket surgens here - talking about hiding money on a public board.... yup - I think the IQ level of this place just went down a few points.

i'm talking about a couple hundred bucks from small shit on ebay not pushing millions with my paypal.

Krul · 10-23-2002, 12:02 AM

Quote:

Originally posted by FlyingIguana
i hide it under my pillow

I will come and get it !!

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LiveDose · 10-23-2002, 12:08 AM

Quote:

Originally posted by SleazyDream
real rocket surgens here - talking about hiding money on a public board.... yup - I think the IQ level of this place just went down a few points.

What's a surgen? lol

FlyingIguana · 10-23-2002, 12:11 AM

Quote:

Originally posted by Krul

I will come and get it !!

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<img border=0 src="http://www.verotel.com/gfx/button.gif"></a>

i will slice you with my sword, off with your head!

beemk · 10-23-2002, 12:19 AM

Quote:

Originally posted by FlyingIguana
i hide it under my pillow

the tooth fairy is going to jack your shit

FlyingIguana · 10-23-2002, 12:22 AM

Quote:

Originally posted by beemk

the tooth fairy is going to jack your shit

well then off with her head too!

10-22-2002, 10:10 PM	#1
m0rph3us Confirmed User Join Date: Mar 2001 Location: Principality of Sealand Posts: 2,033	Paypal & Tax Does paypal report income to the IRS? If I sell shit on ebay and get money for it via paypal and then pay other people from paypal, does it have to report it as income and expenses ? __________________ <font size="2" face="Tahoma"><a href="http://www.18blowjobs.com/webmasters/?640" target="_blank">Get paid $25 per signup</a> listing over <a href="http://galleries.18blowjobs.com/hosted.html" target="_blank">100 free hosted video galleries</a> - <a href="http://www.18blowjobs.com/webmasters/?640" target="_blank">Check it</a> » </font>

10-22-2002, 10:12 PM	#2
Amputate Your Head There can be only one Industry Role: Join Date: Aug 2001 Location: Somewhere else Posts: 39,075	doesn't really matter.... if you transfer funds to your bank account, that's the bottom line right there. If you get audited, the tax man is gonna say, "gimme your bank statements..... " and you better have a good excuse for those deposits if you didn't claim them. __________________ SIG TOO BIG

10-22-2002, 10:14 PM	#3
m0rph3us Confirmed User Join Date: Mar 2001 Location: Principality of Sealand Posts: 2,033	I don't do any depositing though. I just sell stuff and then use the $ earned to pay other people or buy other shit. Sometimes they bill my visa when I don't have enough to pay someone just in my paypal account. __________________ <font size="2" face="Tahoma"><a href="http://www.18blowjobs.com/webmasters/?640" target="_blank">Get paid $25 per signup</a> listing over <a href="http://galleries.18blowjobs.com/hosted.html" target="_blank">100 free hosted video galleries</a> - <a href="http://www.18blowjobs.com/webmasters/?640" target="_blank">Check it</a> » </font>

10-22-2002, 10:16 PM	#4
Amputate Your Head There can be only one Industry Role: Join Date: Aug 2001 Location: Somewhere else Posts: 39,075	then no, I wouldn;t think you'd have anything to worry about. Paypal is not gonna 1099 you. __________________ SIG TOO BIG

10-22-2002, 10:27 PM	#5
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10-22-2002, 10:36 PM	#7
FlyingIguana aspiring banker Join Date: Mar 2002 Location: toronto Posts: 10,870	i hide it under my pillow

10-22-2002, 11:22 PM	#8
playa Confirmed User Join Date: Feb 2001 Location: atlanta, GA Posts: 6,432	The only thing they report is the amount of interest gained from that year

10-22-2002, 11:26 PM	#10
SleazyDream I'm here for SPORT Industry Role: Join Date: Jul 2001 Location: Phone # (401) 285-0696 Posts: 41,470	real rocket surgens here - talking about hiding money on a public board.... yup - I think the IQ level of this place just went down a few points. __________________ This dog, is dog, a dog, good dog, way dog, to dog, keep dog, an dog, idiot dog, busy dog, for dog, 20 dog, seconds dog! Now read without the word dog.